MMi Daily Iron Ore Index Report May 05 2023

DCE iron ore futures declined by 0.99% today, the main contract closed at 697.5. The traders’ willingness to ship is general.The steel mills are not acƟve to purchase.The overall trading senƟment of the market is less.PBF at Shandong port deal 772-777 yuan/mt,decrease 12-23yuan/mt. PBF at Tangshan port deal 788-800 yuan/mt,decrease 10 yuan/mt. Yesterday, due to poor data on finished products and news from overseas banking, Singapore’s swaps fell, driving iron ore lower in the night trading. However, today’s iron ore oversold has been repaired, and the market mentality remains unstable. Based on the current fundamentals, the negaƟve feedback of the industrial chain is basically taking shape. The impact of maintenance this week has increased by 171000 tons.

Source: Metals Market Index (MMi)